Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5620, we are still waiting for larger movement and larger volume. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to the 4H timeframe, we can observe bullish reaction on the selling climax. Anyway, reaction was not so strong, so buying still looks very risky. Watch for potential selling opportunities. If the price start with larger bullish movement, we got major resistance level around the price of 1.5750 (swing low like resistance).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5635
R2: 1.5657
R3: 1.5692
Support levels:
S1: 1.5565
S2: 1.5543
S3: 1.5508
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since
our previous analysis, the EUR/NZD pair has been trading sideways,
around the price of 1.5620, we are still waiting for larger movement
and larger volume. Since our Fibonacci expansion 100% at the price of
1.5665 has got broken, we may see possible testing the level of
1.5335. According to the 4H timeframe, we can observe bullish
reaction on the selling climax. Anyway, reaction was not so strong, so
buying still looks very risky. Watch for potential selling
opportunities. If the price start with larger bullish movement, we
got major resistance level around the price of 1.5750 (swing low like
resistance).
Daily
pivot Fibonacci points:
Resistance
levels:
R1:
1.5635
R2:
1.5657
R3:
1.5692
Support
levels:
S1:
1.5565
S2:
1.5543
S3:
1.5508
Trading
recommendation: Be careful with buying the EUR/NZD pair and watch for
selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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